Archives for April 2017

The largest part of being successful in today’s retail marketplaces is understanding the role of e-commerce and the way it has changed over the course of the twenty years or so since online shopping became an accessible alternative for most internet users.

Since that time, the field has gone from a minor sliver of the market that provides access to goods that might not be available locally to the go-to destination for bargain hunters, no matter what they seek.

E-commerce has obliterated shoppers’ sense of distance as well, by providing them with access to goods, materials, and services that can be delivered quickly no matter where they originated.

Even the bargain-hunting phase of e-commerce has mostly passed now, though. With large platforms for small merchants and the online equivalent of big-box stores beginning to provide everyday bargains on top brands, the cutting edge in the industry is now in two areas: niche specialties and pop-up live events.
How Specialization Has Changed E-Commerce

Since large competitors have fundamentally monopolized the general shopping experience for common commodities, retailers are finding their most competitive positions in the market come from choosing not to compete on price but on selection. By offering products that are simply unavailable on other sites, or that are custom made, retailers can bring shoppers new styles and innovative goods without worrying about being undersold by a competitor with a larger warehouse and the ability to undercut prices.

Some merchants are taking things even further by bringing their unique wares to larger platforms where they can stand out among their competitors, but more often they are opting to set up independently. When that happens, they still need to acquire many of the same amenities as brick-and-mortar merchants, especially credit card processing services and merchant accounts. By taking on this infrastructure for themselves, though, they not only retain their independence from platform sites (reducing their overhead), they also manage to provide a highly visible and branded alternative that helps them to stand out, providing for differentiation that can lead to growth and eventually, a solid and independent position in the market.

Live Events, Pop-Ups, and Short-Term Storefronts

The other major factor that has changed the landscape of e-commerce, and one that is likely to keep on shaping it for several years to come, is the advent of the portable card reader and smart device. By using mobile payment apps and portable credit card readers, retailers are able to turn their everyday devices into temporary terminals. This allows a company that operates almost exclusively online to choose to flex themselves by working live events like trade shows, local festivals, and conventions without incurring the kind of overhead they would face with a full brick-and-mortar business.

This last change might seem small, but it puts e-commerce merchants on an even playing field with traditional brick-and-mortar businesses when it comes to taking advantage of short-term opportunities and branding. That leads to several benefits, including:

New income streams.

Low risk opportunities to increase sales

Offline word of mouth advertising.

Wrap-Up

When it is time for your business to open up new frontiers, consider what e-commerce solutions can do to open up your company and make it more versatile. Even if your business model is not e-commerce only, adding a strong online presence is a low cost way to increase your profits.

Looking for a way to get your book out there now? Or want to package your content so you can use it to promote your business or practice? Here are 3 reasons to get your work out there in e-book format.

1. Get Published Quickly

If you’re looking for a quick (and less expensive) way to get your book out, publish an e-book. Unlike print books, e-books don’t have to be a specific length.

Attention spans are getting shorter and shorter. Your readers will appreciate a quick read that’s long on content and short on fluff.

If you’re writing fiction, the same thing applies. The “short novel” or novella has become a very popular format.

2. Get Exposure & Grow Your Brand

Create a series of e-books that you can sell as individual books and as a set. Depending on the combined length of your e-books, you can incorporate the set into a one printed book. Have a group of articles you’ve already written? Compile your articles into an e-book, with each article as a separate chapter.

For fiction, break a larger work up into smaller books. Try publishing your books as novellas or as serials.

3. Get Paid

Readers can buy your e-book from your website or from an online bookseller like Amazon.com, or B&N.com. (It’s free to upload books to most bookseller websites – so don’t ever pay for this service unless you’re getting some extra benefit). Not sure how much to charge? Check out other books in your category and you’ll get an idea of what your market will pay.

If you’re first-time author, try not to price the book so that it’s more expensive than books by more well-known authors. Originally I priced my e-book, “Think Like an Entrepreneur: Transforming Your Career and Taking Charge of Your Life,” at $5.95 to make it comparable to other books in that category. However, with fiction you’ll have more latitude, so be willing to experiment.